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Japan enforces Amended Oil Stockpiling Act in November

Japan’s Agency for Natural Resources and Energy announced that the “Act to Partially Amend the Oil Stockpiling Act and Other Related Legislation to Prepare for Oil Supply Shortages in the Event of Disaster” will be enforced on November 1, 2012. The Amended Oil Stockpiling Act was approved by the 180th regular session of the National Diet of Japan on August 12, 2012, and was promulgated on September 5, 2012.
The amendment is based on the experiences of the 2011 earthquake and tsunami, also known as the “Great East Japan Earthquake,” and is intended to strengthen the structure for the supply of oil and liquefied petroleum gas (LPG), and ensure the continued supply of the products in the event of a calamity.
The amendments include: new requirements for mobilization of oil and oil products; mandatory development of plans for supply cooperation; the use of oil service stations as oil depots in the event of a disaster; allowing government to commission private companies to directly manage the national stockpiling of oil products. (October 30, 2012)